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Minneapolis-based Greco Properties hopes to begin construction as soon as this spring on a development that would bring hundreds of new affordable and market-rate homes to a vacant site near a future light rail stop in Eden Prairie.
Despite the October decline, single-family permits so far this year are outpacing 2020.
'Fervent pace' dropping, but construction remains above historical averages in part because of strong demand earlier this year.
Home building in the Twin Cities soared this month compared with pandemic-related declines last year
The Twin Cities has a dearth of new and existing homes for sale, but local builders did their part in May to create new supply as permits were up for both single-family and multifamily housing units. Even so, homebuilders say they could add even more supply if not for constraints that include the metro area’s shortage of developable lots, pandemic-induced supply chain disruptions and a lack of construction labor. David Siegel, executive director of Housing First Minnesota, said the Twin Cities market needs the additional supply. Homes are selling quickly, prices are rising, and inventory of...